Northampton, England -- (SBWIRE) -- 07/26/2016 -- The PPI Scandal doesn't seem to relent as according to MPs there are further instances of mis-selling in the financial services industry. They have now urged stronger action against this menace that has plagued the society to a large extent.

Public Accounts Committee has claimed that the 2018 PPI Claims deadline won't work in the best interests of consumers. Moreover it has asserted that the pension reforms that came into being in 2015 could lead to more instances of mis-selling. The Pension Freedoms Act largely gives more freedom to over 55s who can decide how they want to use their pension savings. Unfortunately it's something those in the financial services industry could use to their advantage.

The committee has also expressed concern about Packaged Bank accounts and cited growing number of complaints. These accounts involve consumers paying a monthly fee for which they get certain services. In fact they are offered a bouquet of products and services that are included with the current account. Now that could lead to its own set of risks that consumers might not be made aware of at the onset.

Commenting on the scenario Meg Hiller, Chairman, Public Accounts Committee suggested that the growing menace of mis-selling of PPI and other financial products is a reflection and indicator of the risks faced by consumers in financial services market. "Many people have waited years for a decision on compensation and because of the way they have pursued their claims, even then they may not receive the full amount. Serious risks of further mis-selling remain," she warned.

Several renowned organizations from the PAC to the FCA and the Treasury have called to figure out the extent of mis-selling and steps that can be taken to prevent it. Unfortunately regulators and departments haven't been proactive enough in making sure that the compensation was paid to victims rather than claims managers. The report also revealed that since April 2011, 12 million consumers were mis-sold PPI and firms were paid more than £22bn, which goes on to show the extent of the problem.

About iSmart Consumer Solutions
Established in 2007, the professional company specializes in getting compensation for consumers who have been mis-sold PPI. The company has already helped hundreds of clients recover more than millions of pounds.

Media Contacts

URL: http://www.ppi.co.uk/
Email: dc@wearedapa.co.uk
Phone: 0800 634 3007
Address: Regents Pavilion, 40 Summerhouse Road, NN3 6BJ